NEW YORK, July 24, 2019 (GLOBE NEWSWIRE) -- The global biobanking market is expected to generate $36.8 billion revenue by 2024, advancing at a CAGR of 6.2%, during the forecast period. Factors, such as increasing need for cost-effective drug discovery, and rising demand for cell lines, directly pose a positive impact on the market growth, according to P&S Intelligence.

Based on offering, the biobanking market is classified into consumables, equipment, services, and software. Of these, the consumables category is expected to lead the market in the coming years. Further, the market in the software category is predicted to advance at a CAGR of 5.4%, during the forecast period.

The consumables category is further bifurcated into storage, analysis, processing, and collection. Out of all the consumables, the consumables utilized for storage are expected to dominate the overall biobanking market in the future, mainly due to the increasing number of blood products, tissues, and cell lines being preserved in the biobanks.

The biobanking market is categorized into blood products and genetic materials, human tissues, cell lines, biological fluids, and human waste products, based on the type of sample. Amongst these, the blood products and genetic material category is expected to hold the largest revenue share during the forecast period with a contribution of 42.1% by 2024 in the global market. Due to the rising prevalence of chronic diseases, it is expected that preservation of blood products such as plasma, serum, and platelets would be on the rise in the coming future.

The biobanking market in APAC is expected to witness lucrative growth as a consequence of increasing awareness about biobanking in the region, witnessing a CAGR of 6.8% during the forecast period. Growing population and increasing clinical research are the other factors that positively impact the growth of the market in this region.

Further, due to the growing research activities, there is a wide scope for the growth of the biotechnology sector in this region. This growth is also likely to be supported by the large amount of funds that are received from various government and private sector organizations. The presence of regional players also contributes to the growth of the market.

In March 2019, Tecan Group Ltd. and QIAGEN N.V. announced a collaboration to improve the performance of QIAGEN’s QuantiFERON-TB Gold Plus (QFT-Plus) diagnostic test through the utilization of Tecan’s Fluent Laboratory Automation workstation for the aliquoting of samples for the optional Lithium Heparin single-tube workflow. The Fluent instruments will be supplied directly to laboratories through Tecan’s Life Sciences Business.

Similarly, in March 2019, Becton, Dickinson and Company launched an automated flow cytometry sample preparation instrument with CE-IVD certification known as BD FACSDuet. This instrument helps in understanding the characteristics of a cell as well as counting.

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